World

Tuesday 29 July 2014

In brief: $77bn bill for banks

Published 23/11/2013|00:01

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EUROPE'S biggest banks have racked up more than $77bn (€55.3bn) in legal costs since the financial crisis.

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Since September 2008, the 18 banks with the highest litigation expenses paid at least $24.9bn settling lawsuits and probes, set aside $31.5bn to compensate UK clients improperly sold products including mortgage insurance and earmarked $20.9bn for further penalties, data showed.

US JOB CREATION GROWS

Job openings in the US climbed to a five-year high in September.

The number of positions waiting to be filled rose by 69,000 to 3.91 million, the highest since May 2008, the Labour Department said yesterday.

EU'S WORKFORCE AGING

The EU could lose about one-sixth of its younger working-age population by 2025 if there is no further immigration to the bloc, a think tank has said.

Countries such as Italy and Spain could see a drop of 30pc, according to the report from the European University Institute. Some countries are suffering a double whammy as young workers leave. Ireland is among those countries but our high fertility rate means population was able to grow.

VW TO INVEST €84.2BN

Volkswagen, Europe's largest carmaker, will maintain a high level of spending over the coming five years to underpin its bid to become the world's largest automaker.

VW plans to invest €84.2bn through to 2018, the company said yesterday.

CYPRIOT LENDING PROBE

The European Central Bank is considering whether to let Cypriot police see confidential documents as part of a criminal probe into emergency lending by the Cypriot central bank.

Policymakers discussed this week whether they can comply with a demand for ECB documents related to Emergency Liquidity Assistance and minutes of Governing Council meetings where the programme was discussed.

BRAZIL SELLS AIRPORT

Brazil has sold the country's second-busiest airport for almost four times the minimum bid as part of President Dilma Rousseff's programme to modernise infrastructure and shore up investor confidence.

The Aeroportos do Futuro group led by Odebrecht, and including Changi Airport Group, offered 19bn reais (€6bn) and won the right to run Galeao airport in Rio.

Irish Independent

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